Oil Price Surges Past $100 as Middle East Attacks Escalate

The price of oil has surpassed $100 a barrel for the first time in almost six weeks following a series of attacks on oil facilities and ships in the Middle East.

The most heavily traded contract for a barrel of Brent crude, the international standard, settled at $97.89 before briefly climbing past $100 early Wednesday.

The surge in oil prices is expected to increase the cost of traveling and transporting goods that require quick delivery, such as fresh food or furniture and appliances.